Ethereum
Upbit expands support for Ethereum L2 Taiko, here’s everything
Upbit, the South Korean cryptocurrency trading giant, recently revealed its plans to support Ethereum. L2 Taiko, according to an official statement released by the company today, June 5. Recently launched on the Ethereum mainnet with Vitalik Buterin proposing his first block, Taiko gained popularity with the announcement of Upbit.
Notably, the South Korean cryptocurrency exchange announced plans to support three new trading pairs for Taiko. Here’s a closer look at the official announcement.
Upbit will offer market support in BTC, USDT and KRW trading pairs
As part of its support for Ethereum L2, Upflow
will introduce three new trading pairs: Bitcoin (TAIKO/BTC), Tether (TAIKO/USDT) and the South Korean won (TAIKO/KRW). This diverse range of trading pairs, which will be available for trading after 10:00 p.m. Korean Time (KST) (GMT+9) on June 5, provides Upbit users with a variety of options for interacting with the Taiko crypto.
Upbit has outlined some important trading rules and restrictions regarding listing. The company said: “All TAIKO deposits made before the price is listed on Coinmarketcap, after the start of deposit support or before the start of Upbit TAIKO transaction support, will need to be subject to checking travel rules whatever the price is. » Additionally, Upbit will implement lowest buy limits and sell limits after sales support begins, per the announcement. These measures aim to ensure a fair and secure trading environment for all users.
Buy orders are restricted for approximately 5 minutes after trading support begins. Sell orders with a base price of -10% or less are also limited for the same duration.
Meanwhile, the company added: “Market price and pre-orders will be limited for approximately 1 hour after the transaction is supported. »
Additionally, Upbit warned users not to use networks other than TAIKO-Taiko and TAIKO-Ethereum for withdrawals and deposits, as this could hamper the process and cause delays. Nevertheless, the L2 protocol gained popularity thanks to the help of Buterin and the potentially optimistic column mentioned above.
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Magnetizing Taiko Mainnet Launch Support?
Meanwhile, a recent report from CoinGape Media showed that Taiko expressed gratitude to Buterin during its launch on Ethereum mainnet. This comes after Vitalik proposed the inaugural block on Ethereumfurther strengthening the protocol.
Upbit’s plan to expand support primarily fits into this phenomenon, highlighting the company’s motivation to capitalize on the opportunity that amplifies its user base with this crypto that is rapidly gaining traction.
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